The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1887-01-15

| they can not he disposscssed. Thcy lot the
purchaser paw their tax for oil time to come, OF
until the purchaser quits, and lets IL go back K
the state, as several tracts have done in this
| county.
tax sales, giving freeholders more time 70 re
deem In (say Ave years In place Of six rnonths),
and after the tins iixed for said redemption. oil
amount oftax, eto,, shall be cured and the deed
then issued by tho County Auditor shall be good
| and vnlid In law, SO the purchaser can proceed
| to dispossess and take charge Of the land. II
the law was so amended an satisfied that nine
tcnths OF the land now forfeited to the State
would be redeemed and tho Tux paid thereon
and the other tenth would sell, thus bringing In
| large amount OF tax to the State and county,
| which will not and can not be collected under
ss TMrs are at the T. time
county. "Yours respectfully.
| JAS. ARMSTRONG,
n these recommendations can be framed into
laws, with efficient provisions for their enforce
ment, 1t is believed that the unjust inequalities
| that now exist can be removed, and that un-
taxed property to the value ofsmany millions
can be brought upon the duplicate TO the great
relief OF oil classes OF taxpayers.
Under the provision OF the act OF April ~,
| 1885, the Commissioners OF the Sinking Fund,
| with the approval OF the Governor, entered into
the following contract with Albert Meter,
| which was guaranteed by the Citizens National
| Bank, OF Cincinnati, and Is being now, through
the Agency Of that bank satisfactorily and sue
| cessfully carried out:
| WHEREAS, The Commissioners OF the Sink.
ing Fund OF Ohio, on the 9th day OF February.
| 1885, advertised that they would receive sealed
proposals on the 10th day OF March, 1885, from
the holders OF Ohio six per cent. Canal Bonds,
outstanding and due, and redecmable December
81. 1885, for the exchange OF any portion or oil OF
| for tho certificates Of tho funded debt author
| lied by an act Of the General Assembly OF Ohio,
passed April II, 1885, and receive the surrender
thereof deliver to said holder or holders of the
by said act Of April II, 1885, by the issue of new
$4,000, payable July /, 1891; sa5o,ooo payable
July July I !, lsos; saopooo' payable pSS ~, July l. 1872
sa55ooo, payable s % july s isSs; ss5oooS payable
July /, isSs saio,oSS, payable July /, 1899. .
Ohio, did, on the 10th Of March, 1856 in pursu,
ance of said advertisement, make and present to
the State Commissioner Of the Sinking Fund as
aforesaid. the following proposition, towit:
ITO tho Honorable Commissioners OF the Sink
ing Fund:
"GENrLEMEv-I herewith propose to deliver
to the Commissioners OF the Sinking Fund the
| outstanding Ohio six per cent, Canal Bonds. and
receive in exchange for the same the new bonds
OF the State, to be issued In accordance with the
terms OF your advertisement; said bonds to bear
interest at the rate Of three per cent. per an
mum. and will pay the State premium Of
ALBERT METER"
And, Whereas, afterward, to-wit: On the
9th OF March. 1886, said bid was by said Sinking
Fund Commissioners, at their office, ut Co um
bus. Ohio, duly accepted as the lowest and best
bid for said exchange of bonds, in pursuance Of
said act Of the General Assembly OF Ohio, and Of
the advertisement of said exchange of bonds; and
the contract for said exchange OF bonds was
thereupon duly awarded to said Albert Meter.
1t is, therefore. mutually agreed and under
Sinking Fund, acting in behalf Of the State of
Ohio OF the first part, and Albert Netter, Of Gin
cinnati, Ohio, OF the second part, us follows, to-
wit:
The said Albert Meter agrees and binds HIM
self to deliver to the Commissioners of the
Sinking Fund OF Ohio the outstanding Ohio six
per cent. Canal Bonds, amounting in the aggre
gate to two million two hundred and forty
thousand dollars, face value, due and payable
December 81, 1888, and receive in exchange for
the same the new bonds of the State Of OHIO. to
be issued and payable us herenbefore specified;
the said new bonds OF the State of Ohio to bear
date OF July l. 1896, and bear interest at the
rate of three per cent. per annum, payable
semi-annually, on the first days of July and
January in each and every year until their ma
turity and the said Meter further agrees to
premium Of twentyone and thirty.llve one
hundreths dollars (s!l.35) for each one thousand
dollars 6l,o0 OF said new bonds, to be issued
Us aforesaid
1t is further agreed by and between said party
that the said two million two hundred and forty
thousand dollars said bonds shall be deliv-
cred to said Sinking Fund Commission on or be-
fore tho first day OF January 1887 If practicable,
but In case only part OF said two million two
hundred and forty thousand dollars of bonds
are withheld by the owners or holders thereof,
so that the party OF the second part con not get
possession or control OF the same on or before
second party shall ut said date pay to the Com
m!ssioners OF the Sinking Fund OF Ohio, at the
American Exchange National Bank, in the city
and State OF New York, the par value OF said
outstanding Canal Bonds, and receive therefor
the new bonds OF the State OF Ohio, as provided
and in ,, accordance with the act Of the General
the advertisement made hereunder.
1t is further agreed that the said Albert Net
ter, as security for the full and faithful per-
formancc of this contract shall, forthwith, de-
posit with the Commissioners Of the Sinking
Fund OF Ohio the sum OF fifty Thousand dollars,
evidenced by the certificate OF deposit of the
Citizens National Bank Of Cincinnati, Ohio, of
date March g. 1885, and numbered 140S, properly
assigned and made payable to said Commits
ever, upon completion OF this contract, to pc re-
turned to the said Netter or his assignees. In
the event, however, OF the said Meter failing
to comply with the said contract rs aforesaid,
said deposit to the extent that may be necessary
to fully indemnify the State for any loss 1t may
sustain on account of fuch failure, to become
and remain absolutely the property OF the state
of Ohio.
And the party of the first part hereby agrees
to and with the party OF the second part that
they will forthwith give notice to the holders of
said outstanding Canal Bonds. by publication or
otherwise, that the State of Ohio will redeem on
standing six per cent Canal Bonds, and that
the interest on the same shall cease at the said
date.
ties that whenever said Netter shall deliver any
of said outstanding six per cent. Canal Bonds to
the said Commissioners OF the Sinking Fund, he
shall be entitled to receive the full interest at
six por cent. per annum thereon, to the maturity
OF said bonds, to-wit, December 3lst, 1886,
and he shall pay Mt said time to the said Com
missioners Of the Sinking Fund the interest at
three per cent. per annum on the new bonds re-
ceived in exchange up to and including the 3lst
day of December, 1886.
In witness whereof, the said parties, the Com
missioners of the Sinking Fund Of the State OF
Ohio, and tho said Albert Meter, have hereunto
signed their names at the office OF the Sinking
Fund Commissioners in the city OF Columbus,
Ohio, on the 24th day OF March, 1885.
EMIL KIBSEwErrER,
Auditor of State and President,
J. S. ROBINSON. Secretary of State,
j. A. KOHLER Attorney General.
Commissioners OF the Sinking Fund.
ALDERr METER.
The foregoing contract Is hereby this oath day
OF March, 1885, approved.
j. b. FORAKER, Governor.
The State Auditors report shows that while
our State Indebtedness Is comparatively small
and being rapidly extingushed, yet the local
indebtedness OF the State Is large and rapidly
increasing. 1t has now reached the aggregate
Of moro thnn s63,OO0.0Oo. This growth should be
checked. No county, township or municipal
corporation should be allowed to create q
general debt exceeding ten per cent. of the tax
valuation OF Its real estate. 1t Is recommended
that such q provision be enacted, and that you
provide that In oil cases where there may
already he general indebtedness in excess Of
that Limitation. no further debt be allowed to
be contracted until the present debt Is reduced
below the limitation mentioned.
ne e1oStea @ yaa a last
Of the liquor trafic commonly known as the
Dow Law has not been generally enforced
It's cons,itutionaiity. The Court has now, how. "
ever, upheld the law, and Notwithstanding the
ill-advised efforts that are being made to over-
throw II In the United States courts, II WILL no
doubt, be fully enforced ere long throughout
the State.